How Do You Get a Great Appraisal? Try Eliminating the AMC

Posted on January 20, 2013 | Leave a comment

As the year ends, it’s become clear that some parts of the real estate world still don’t work very well. That’s particularly true of the appraisal business.

From being blamed for helping create the housing bubble to being blamed for prolonging the housing crisis, the industry has suffered greatly over the past few years. Probably the biggest debacle was the enactment (and then retraction) of the well-meaning (perhaps) but misguided Home Valuation Code of Conduct (HVCC).

One of the most unpopular elements of the HVCC was the requirement that appraisers work for appraisal management companies (AMCs). Unfortunately, these still exist, having been adopted by many lenders.

read more at: http://www.chicagotribune.com/classified/realestate/sns-201312221330–tms–realestmctnig-a20131226-20131226,0,4405990.column

Leave a comment

Posted in real estate appraisal

Tagged

Property Spotlight – Affordable Green Home

Posted on January 10, 2013 | Leave a comment

green

Lakiya Culley’s home started off as an idea by a couple of academics who didn’t want to play by the rules.

Four years later, after enlisting 200 students, a nonprofit organization and a government agency, as well as community leaders and countless sponsors, the concept has gone from an academic exercise to reality.

Have a green or energy efficient property and want to know the value?  Contact the appraisers at www.scappraisals.com for your value questions.

Earlier this month, Parsons the New School for Design, Stevens Institute of Technology, Habitat for Humanity and the District’s Department of Housing and Community Development celebrated the completion of Empowerhouse. Located in the Deanwood neighborhood of Ward 7, the home is not only the District’s first “passive house” — a dwelling built to use substantially less energy — but also one of the few houses constructed in the United States that is both sustainable and affordable.

Read more at: http://www.washingtonpost.com/realestate/collaborative-brings-affordable-green-home-to-deanwood/2012/12/20/d462c270-4882-11e2-820e-17eefac2f939_story.html

Disclaimer: for information and entertainment purposes only

Leave a comment

Posted in Property spotlight

Tagged ,

Fiscal Cliff Bill Extends Tax Relief for Struggling Homeowners Facing Foreclosure

Posted on January 7, 2013 | Leave a comment

Expiring tax exemptions for homeowners facing foreclosure, a relatively uncontroversial response to the foreclosure crisis that had lingered for months on Congress’ to-do list, will be extended in the fiscal cliff deal approved late Tuesday.

Debt canceled through a foreclosure, a short sale or a loan modification on a primary residence was considered taxable income until 2007’s Mortgage Forgiveness Debt Relief Act. Under the fiscal cliff bill passed by Congress and awaiting the president’s signature, that forgiven debt will remain untaxed for another year.

Don’t let the bank tell you what your home is worth; contact the appraisers at www.scappraisal.com for your home value questions.

Without an extension, short sales and loan modifications would have come with an increased tax burden on an already struggling homeowner. That would likely have pushed more to fight foreclosure, dragging out the impact of the foreclosure crisis on the housing market.

Read more at: http://www.oregonlive.com/front-porch/index.ssf/2013/01/fiscal_cliff_bill_extends_tax.html#incart_river

Disclaimer: for information and entertainment purposes only

Leave a comment

Posted in Mortgage Information

Tagged ,